安踏体育：业绩回顾，借多品牌战略应对充满挑战的财年；近月趋势未变（评级：持有，标 CL ）

27 August 2025 | 10:35PM HKT Anta Sports Products (2020.HK) Earnings review: Solid multi-brand execution to navigate through choppy near-term trend; Buy (on CL) 2020.HK 12m Price Target: HK$121.00 Price: HK$101.60 Upside: 19.1% Anta reported a healthy 1H25 core OP / NP beat at noon. The share price retreated slightly 2% today as messages from analyst briefings were a mixed bag: On one hand, 1) mgmt lower Anta core sales guidance (MSD%, from HSD% prior) and an unchanged Fila outlook (MSD%, despite 1H +8% yoy ...